Higher revenue from acquisitions and existing businesses helped Glacier Ventures International Corp. (TSX:GVC) realize a 33% increase in profit in the publishing company's first quarter, which ended March 31, 2007.
Glacier's quarterly revenue rose to $53.5 million from $40.8 million in 2006's first quarter; quarterly profit increased to $4.4 million from $3.3 million.
The company is forecasting large revenue increases in its second and fourth quarters, which Glacier said typically generate the highest revenue and cash flow.
The company, which owns Business in Vancouver Media Group, said it continues to pursue acquisition opportunities to complement its existing operations.
In 2007's first quarter, the company sunk $6.9 million into acquiring community papers and trade publications in Manitoba, Saskatchewan and B.C.
Glacier's share price range during the past week: between $3.21 and $3.30; 52-week high: $3.62; 52-week low: $2.54.